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- Assume a parent company acquires bonds directly from a subsidiary that issued the bonds. Describe in plain language the consolidation adjustments the parent must

- Assume a parent company acquires bonds directly from a subsidiary that issued the bonds. Describe in plain language the consolidation adjustments the parent must make in preparing its consolidated financial statements in the year of the purchase of the subsidiary's bonds. Describe in plain language the consolidation adjustments the parent must make in preparing its consolidated financial statements in the years after the purchase of the subsidiary's bonds.

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